In a clear sign of deepening institutional commitment, two publicly traded companies have significantly bolstered their Bitcoin treasuries. DDC Enterprise, an NYSE-listed e-commerce firm, announced on March 21, 2025, the strategic purchase of an additional 105 Bitcoin (BTC). This acquisition brings its total holdings to 1,888 BTC, solidifying its position among corporate adopters. The company executed the buy through compliant over-the-counter (OTC) desks to minimize market impact and classifies Bitcoin as an indefinite-lived intangible asset under strict accounting standards.
Concurrently, Michael Saylor's company, MicroStrategy (referred to as "Strategy" in the report), released its 2025 financial results, revealing a massive accumulation throughout the year. The firm added 101,873 BTC in 2025, bringing its total holdings to a staggering 713,502 Bitcoins as of February 1, 2026. The average purchase price for its entire stack is $76,052 per BTC, with a total cost of $54.26 billion and a market value of approximately $59.75 billion at the report date. This represented a 22.8% return on its Bitcoin holdings for the year.
MicroStrategy's financials, however, showed the accounting volatility associated with such a strategy. The company reported a $17.4 billion unrealized loss under fair value accounting for digital assets, contributing to a net loss of $12.4 billion for Q4 2025. This was primarily due to its transition to fair value accounting starting January 1, 2025. To support its strategy, MicroStrategy secured $25.3 billion in funding by 2025, including $5.5 billion from five preferred stock offerings, and established a $2.25 billion reserve to cover years of dividend and interest obligations.
Analysts view these moves as part of a mature third phase of corporate Bitcoin adoption, focused on systematic accumulation as a treasury management tool. "Corporate Bitcoin allocation has moved from the fringe to a legitimate balance sheet discussion," notes Dr. Anya Sharma of Stanford. These purchases contribute to a reduction in liquid Bitcoin supply, a phenomenon known as the "illiquid supply shock," which could amplify the effects of future demand.
